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HomeNationalGovt will adhere to IMF requirements, promises PM Shehbaz

Govt will adhere to IMF requirements, promises PM Shehbaz

Prime Minister Shehbaz Sharif said he had emphasized his government’s determination to fulfill the requirements of the International Monetary Fund’s (IMF) program in a conversation with the managing director of the lender yesterday.

The phone call occurs at a time when Pakistan’s economy is becoming more agitated and its foreign exchange reserves only cover less than three weeks’ worth of imports.

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PM Shehbaz posted on Twitter, “In a phone call with Managing Director [Kristalina Georgieva] of the IMF yesterday, I told her about the government’s resolve to complete the terms of the IMF’s program.”

The announcement from the prime minister comes a day after he predicted that an IMF delegation would visit Pakistan in “two to three days” to complete the ninth review of Pakistan’s $7 billion Extended Fund Facility (EFF).

Pakistan began a $7 billion IMF program in 2018, and it was expanded to $6 billion in 2019. The program is presently awaiting its ninth evaluation, which would release $1.18 billion. It was previously delayed for two months because the Fund’s terms were not accepted by the PML-N-led government. These differences have still not been resolved.

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The State Bank of Pakistan’s (SBP) foreign exchange reserves have dropped to an eight-year low of $5.576 billion for the week ended on December 30, 2022, indicating that the nation is currently experiencing a serious cash shortage.

Due to this decrease, the government was unable to repay its international debts without taking out new loans from allies.

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